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It seems like there are so many CL traders around here, but not a good general place for people to post charts, analysis, trades, fundamentals, pre-market outlooks, higher timeframe stuff, etc for the crude oil markets.
There are many good CL traders here on futures.io (formerly BMT), and I hope for this to be a good place for them to circle up. Some things are more appropriate for personal trade journals, such as specific psychological/mentality things, but this will be a good place for traders from all styles to share ideas and analysis for CL in general.
If you're going to post a trade please include a chart and rationale for the position.
Trade well!
Can you help answer these questions from other members on NexusFi?
Looking at a daily ETH chart (continuous, back-adjusted) with a good bit of data on it:
Crude has been in consolidation really since coming down from it's crazy 2008 spike and fall. Since 2011 it appears we're forming a wedge, with ranges narrowing. We tagged the top of the wedge in June of this year, and are currently selling off towards the lower end.
Pretty basic stuff, but it doesn't hurt to throw this out there to start the thread off.
I suspect we could be range bound today after yesterday spike down and price consolidates its losses. A little bit of a nearer term chart for starters today as @indextrader7 already took care of the macro view.
I have 96.00 as a possible upper containment area.....we will see as the day goes on....but I've already taken my first profits today and am just managing the runner for now.
EDIT:
EDIT:
And this is why I am not given to making many forecasts....it did break through the 96.00 zone and is now headed toward the 96.40 zone which is the 50% pull back on yesterdays drive down and a logical target for the runner....which by the way I took off because I thought it might range today from the 96.00 area down to the LOD. Wrong again.
Have a great weekend....
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris
I am predicting a break through the 96 level. Has already been a little attempt but I believe the next one to carry more conviction. Yesterdays down spike proved very worthwhile for me, hit a 60 tick target in 1 second. In light of that there must be some serious money on the down side so we may see some consolidation before a further move down.